Hong Kong, Mainland Markets Extend Gains

Hong Kong stocks closed higher on Monday, extending last week's gains and joining rallies across Asian markets as fears ease over US interest rate rises.

The Hang Seng Index added 0.7 percent, to end at 31,498.

On the mainland, the Shanghai Composite Index rose 1.2 percent, to 3,329. while the Shenzhen Composite Index jumped 2.2 percent, to close at 1,815.

Shanghai shares with "king" or "emperor" in their names getting an extra boost from interest by dealers after the Communist Party called for the removal of presidential term limits, meaning Xi Jinping could stay in power indefinitely.

Tokyo ended 1.2 percent higher and Sydney closed 0.7 percent up. Singapore put on 0.5 percent and Seoul was 0.2 percent higher.

Wellington and Taipei also climbed, though Manila and Jakarta slipped.

The US dollar eased after climbing Friday on the back of the Fed comments, with the yen and pound rallying. However, the euro's gains are being curbed by uncertainty ahead of weekend elections in Italy, one of the eurozone's biggest economies. (AFP)